[SOLVED] Entrepreneurial Ventures and Small Business Management

The assignment delves into the importance of entrepreneurial ventures and small business management in a country's development. It highlights various authors who have made significant contributions to societal changes and offers insights on how individuals can make informed decisions to drive their companies' growth, ultimately achieving desired goals.

Entrepreneurship and
Small Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
P1 Several kinds of entrepreneurial venture in relation with the typology of entrepreneurship.3
P2 Difference and Similarities between entrepreneurial ventures..............................................5
TASK 2............................................................................................................................................7
P3 Assess and interpret appropriate statistics and data as well as small and micro businesses
impact on the economy...............................................................................................................7
P4 Significance of small business and growth of the economy..................................................8
TASK 3............................................................................................................................................9
P5 Define the characteristic skills and traits of successful entrepreneurs that compare from
other managers of business.........................................................................................................9
P6 Entrepreneurial personality reflects on entrepreneurial motivation and their mindset........11
TASK 4..........................................................................................................................................12
P7 Suitable example, how experience and background can foster the entrepreneurship..........12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship refers to the process of launching, designing and running a new
business, which is often a start up business. Along with this who always develop these kind of
businesses are called entrepreneur. On the basis of economy, it includes in several factors such as
capital, land and labour because all are very much essential part for the production system of
business or a firm. It is very wide concept that generally defines the various sort of processes and
activities within the firm. Wherein, environment is positively influence by the small-business,
just because they have lots of activity in the marketplace and their ideas mainly includes in
unique planning, strategies and checking business operations day to day. By this concept
entrepreneur can get higher success and able to achieve their targeted goals in a perfect way.
Furthermore, discussion will be made on different concept in relation with entrepreneurship and
small business management with the several ventures and similarities. At last, impact of small
business on the economic systems and key aspects of entrepreneurial mindset with different
factors will get covered (Ács, Autio and Szerb, 2014).
TASK1
P1 Several kinds of entrepreneurial venture in relation with the typology of entrepreneurship.
Entrepreneurship is the act of developing business ideas and makes profit in a proper
way. It also includes developing new ideas, creating things and social change as well. Along with
this who always develop good ideas or start a new business always called an entrepreneur. There
are various types of entrepreneurial ventures, which are listed below:
Scalable start-up enterprise:
This type of start-up and entrepreneurs associated with it always concentrate their
attention upon the creation of quality offerings for customers with an aim to gain contentment
from them, thereby inflating their profitability as well as sales volume. This ensures satisfaction
of consumer's needs and demands. In relation with this, entrepreneurs within such ventures tend
to create unique ideas in order to become successful in market.
Small Scale Enterprise:
These business enterprises always managed by the sole proprietor in order to complete
demand of their family members. In this sort of ventures, only two members can be involved

they can be family members or relatives as well. There are few example like grocery stores,
carpenters and so on.
Large Scale Enterprise:
These kind of organisations require huge funds as well as infrastructure for the setup.
Their main aim is to carry out expansion by undertaking risk and thereby inflating their profits
by a fair margin. They consists of an employee base of 5000 or above along with an annual
turnover of 1.5 million Euros. They mainly intend to carry out business operations across various
parts of the globe. On the basis of this they always attract other people within the marketplace
and able to gain competitive advantages. Some examples of large companies are Apple,
Samsung and Microsoft.
Social Enterprise:
These sort of enterprises having good aim that is to satisfy their customers and enhance
their sales at higher level within the marketplace. In relation with this, business enterprises can
achieve their goals and able to gain higher profit by providing desirable products to people.
Some examples of these enterprises are Cafedirect, Hill Holt and so on (Blackburn, Hart and
Wainwright, 2013).
Therefore, all these enterprises always perform well in order to gain competitive
advantages in order to implement on the different typologies. The typology mainly related with
entrepreneur in which they are able to take effective decision in order to make organisation
attractive. There are few typologies, those are given below:
Typologies of entrepreneurial ventures:
Topologies mean segmenting things on the basis of their types. This segmentation is
based on style, structure, form and plan. Typologies of entrepreneurial ventures are as follows:-
Typologies Meaning
Lifestyle
Ventures
These ventures prepare for inflating the standard of living of people by
providing them best business. Their main aim is to satisfy people and not
developing their sales. It provides job opportunities to people pertaining to the
local areas.
Survival
Ventures
These entities are those which have the major aim to sustain in market for a
long run and fulfil the financial obligations of the venture. It is characterized

by cutting costs.
Aggressive
Growth
Ventures
This type ventures mainly based on the techniques with having innovative
mindset. With the help of this they can increase growth of their firm by
expanding their business at higher level. Example of this venture is large
organisations.
Managed
Growth
Ventures
These ventures are mainly formed to expand their business operations,
launching effective products innovative thoughts.
P2 Difference and Similarities between entrepreneurial ventures
In the present context there are different kinds of entrepreneurial ventures within the
marketplace which all are having motive to earn higher sales and make effective strategies for
the developing economy (Bridge and O'Neill, 2012). Therefore, there are few kinds different
ventures and similarities, those are mentioned below:
Difference:
Small scale enterprise Scalable enterprise
 In this form of enterprises, data and
idea is always taken from the another
individual in order to launch new
business with their own unique name.
 The main purpose of this is to gain
higher sales by fulfilling the needs of
family members in an appropriate
manner.
 This kind of businesses have ideas in
order to increase their business growth
by using effective and innovative
things. By using this scenario, they can
expand their business and have
capabilities to gain competitive
business environment.
 The main aim of this enterprise is to
make effective and proper idea in order
to make their products.
Start-ups enterprise Large scale enterprise

 As these firms are having 9-10
employees so that they have aim to earn
sufficient fund in order to enhance
people skills and standard as well (Choi
and Majumdar, 2014).
 These sort of firm are having 250
employees but have large purpose to
achieve huge market by providing
effective goods to people and earn high
sales.
Large scale enterprise Social enterprise
These firms have motive to earn good and
valuable profit in order to develop higher sales
in the societies by giving huge amount of them.
Therefore, in these firms lots of employees are
working in a proper way.
 These sort of firm always ready to help
with other people in order increase their
confidence and improves their living
standard. With the help of this the4y
can develop good society and removes
poverty.

Similarities:
There are some similarities between all of the above ventures by which economic
conditions can be improved in a higher manner, those are as follow:
 One of the best common thing is that they always make large contribution in order to
improves overall growth of the economy by giving them huge job opportunities.
 They develop higher profit and sales for increasing people development and changes their
living standard in a positive way.
 According to the all of above ventures they always work for satisfying people in order to
long term staying in the market for achieving proper goals.
TASK 2
P3 Assess and interpret appropriate statistics and data as well as small and micro businesses
impact on the economy.
Small business enterprises always play an effective and essential role in increasing the
overall growth of economy (Chrisman and et. al., 2012). This sort of business organisations
mainly has 40-50 employees. Wherein, micro business enterprises are already small in the nature
so that they only have 4-5 people in their firm. Therefore, these kinds of companies always play
their role as a sole proprietor in the marketplace and on the basis of this; they generate job
opportunities for local person of the specific country.

Source: Impact of small businesses, 2017
From the above respective statistical graph, it has been concluded that, small, micro
enterprises always contribute their one and half share to the UK economy in order to enhance
their overall development in a perfect manner. Therefore, now it can be looked that small-
business enterprises give 23.4% share whereas micro business enterprises contribute 20% to the
overall growth of UK Economy. This implies their contribution within the advancement and
development of existing state of UK’s economic conditions which is largely being adversely
affected by the vote of BREXIT.
P4 Significance of small business and growth of economy
As per the above discussion SMEs gives their effective contribution in order to maximise
overall development of UK economy. Therefore, below mentioned is the importance of SME’s:-
Creating individual relationship:-
This element always helps in gives sufficient share for developing economy within the
UK. SMEs are totally based on the short level so that suppliers, manufacturers and employees
are always interrelated with one to another person. Therefore, they always ready to customers in
an effective way and develop strong relationship with them (Decker and et. al., 2014).
Standard of living:-
As SMEs effectively gives lots of shares in order to increase job opportunities for people
and their living standard. By using this scenario, they can give good life to people and able to
8

enhance their lots of knowledge in a proper way. Therefore, it is for country to maximise people
level and standard at higher level.
Innovation:-
By using creative and effective goods and services, SMEs contributes their few share in
order to maximise growth of the economy within the country. In order to more contribution they
are always executes on the innovative things and strategies by which they can attract larger
number of customers and able to achieve goals efficiently. On the basis of this, innovative things
they can perfectly differentiate from other companies for gaining future goals and objectives at
the working place.
Employment generation:-
As SMEs investing in the job opportunities for people and also for effective people so
that it will affect them in order to increase their knowledge skills. On the basis of this poverty
can be reduce and people can maximise their confidence towards their work. So that it is more
helpful for people by which they analyse itself and fulfil their needs (Drucker, 2014).
TASK 3
P5 Characteristics, skills and traits of successful entrepreneurs that compare from other managers
of business
An effective entrepreneur always found the person who can properly manage their work
in the hard situation for accomplishing their objectives and goals in order to fulfilling customer's
needs. On the basis of this they can play their role as leader of an organisation so that they can
increase their sales and revenue. Along with this they should also be very much effective in the
decision making process for motivating people and employees of the business enterprise. This
respective assignment is based on two entrepreneurs named as Bill Gates and Peter David Jones.
Bill Gates: He was born in the year of 1955 and he is also the American entrepreneur.
Along with this, he is one of the best principle and founder of the Microsoft Organisation. The
main attractive and impressing thing is that they always contribute huge ample of shares in
different charitable trust in an effective manner.
Peter David Jones: He is a flourishing British entrepreneur and was born in the year of
1966. along with this, he has launched their own academy in order to increase entrepreneurial
skills in a perfect way. He is the only investor on the BBC Two that is an American television
9

series. Along with this, he was nominated Commander of the order of the British Empire(CBE)
in the year of 2009.
There are some effective skills and traits in relation with both author, those are listed
below:
Peter David Jones Bill Gates
Skills Motivator: He is the best motivator
person who always motivates their
group members and increase
company's growth effectively.
Communication: He always follows
several kinds of unique elements in
order to make effective communication
between managers and leaders as well.
Focused: He is also very good
entrepreneur who always their work
with lots of concentration to make
attractive products in the firm.
Mindfulness: As he is very much
knowledgeable person so that he has
ability to resolved any issue within the
organisation.
Traits Innovation: He always develops
creative and innovative ideas for the
organisation (Fassin, Van Rossem and
Buelens, 2011).
Feedback Approach: As per this, he
always prefer customer's feedback in
order to know their demand and needs.
Innovation: The most common thing
in between Peter Jones and Bill Gates
that is creative thinking, so that both
authors make effective goods and
services.
Experimentalist: He has lots of trust in
order to developing unique strategies
ever.
Charact
eristics
Team-Player: He always have
effectiveness role as a team player to
accomplish their goals.
Leadership: He is best entrepreneur so
that he has the knowledge to gain their
targets properly.
Comparison between flourishing entrepreneurs and business managers, mentioned below:
Basis Successful Entrepreneurs Business Managers
Focus The actual concentration of effective
entrepreneur is on making their
Managers with full of
concentration always gives their
10

organisation effective with so many
creative things.
best to the company.
Status Entrepreneur always the businessman
or owner of an organization.
Manager is always considered as a
senior employee of the firm.
P6 Entrepreneurial personality reflects on entrepreneurial motivation and their mindset.
For identifying the entrepreneurial personality of the good and successful entrepreneurs
mentioned below by using the OCEAN model:
OCEAN Model
It mainly consists five factors which is also knows as the huge five personality traits, that
always helps to identifying the traits personality of an individual. On the basis of this model, all
five traits are related with the unique personality which explain about the responsibilities that is
allotted to a particular individual.
(Source- Ocean Model, 2019)
Openness: According to this part of respective model, people can easily learn unique and
innovative things by which they can get better experience in their life. This element includes
11
Illustration 1: ocean model, 2019

imagination, insightful, ways of experience etc. therefore, these type of factors are required by an
entrepreneur for maintaining the business environment which will helps to achieve them
organisational goals and target (George and Bock, 2011). Apart from this it also includes in
developing unique ideas towards business. As per this both Bill Gates and Peter David Jones are
staying in higher rank in an effective way.
Conscientiousness: On the basis of this element, managers of an organisation are always
available to manage their work in a systematic way. With the help of this they can give better
performance and also influence other within the company. In context with Bill Gates and Peter
David Jones they organised their work easily and also have expectation from their employees in
order to achieve goals.
Extraversion: It refers to the vitality of an entrepreneur which define that how they can
contact with other individual in any kind of situation like people can be introvert and extrovert in
nature. Wherein, introvert people have high degree and extrovert people have low degree in
nature. As per this both authors are introvert in nature because they took time from their
childhood to contact with other people.
Agreeableness: It totally depends upon the capability of an individual like how they can
trust easily on the other people. Therefore, it is also essential for entrepreneurs to be agree on the
people perception in order to run their business in a smooth way. With this personality,
entrepreneurs can easily motivate their employees in a right manner. In context with both authors
they always listen to their employees and trust them effectively.
Neuroticism: It shows the ability of person in order to control and stay on their emotions.
According to this people have lots of emotional instability. Therefore, entrepreneurs are needed
to have proper control on their feelings and emotions. In reference with Bill Gates and Peter
David Jones they have low ranked as both people are much helpful in an appropriate manner.
TASK 4
P7 Experience and background foster the entrepreneurship
Entrepreneurship is process of launching or running a new business. It also can say that it
is a capability to develop, manage and organization new business with high risk. On other hand
entrepreneur is a person who start business and also willing risk of losing money. An
entrepreneur has new ideas and innovation (Islam and et. al., 2011). They introduce new
12

products and services with market. There are two entrepreneur are chooses and those are Bill
Gates and Peter David.
Education- It is analysed that education is not that much important to become a
successful enter pruner. Bill gates and pater David both started new business in a small age with
new ideas. as it knows that bill gates is also very intelligent and he has good qualification but he
was not interest in his study that why he stop his study and start a new business at own risk. On
another side Mr Peter Jones was also a successful entrepreneur and also investor in BBC. He was
interested in other fields like mobile industry, that's why he started business on risk (Kirzner,
2015).
Family background- it is true that family background plays an important role of an
individual’s career. Family is a crucial factor that either motivates or discourages a person in
undergoing entrepreneurship. Bill Gates grew up within Seattle, Washington. He had an amazing
family who always supported him for everything. They encouraged his interest within computer
from an early age group. With the help of such support and aid, he dropped the college
for starting Microsoft along with his childhood peer Paul Allen. Thus, his family background
fostered him to undertake entrepreneurship.
CONCLUSION
From the above representative report, it has been analysed that, entrepreneurship and
small business management are the effective part of economy as they influence other people in a
positive manner in order to launch their own business. Along with this there are different kind of
entrepreneurial ventures who mainly contributes in the economy for few changes towards the
development of country. Apart from this, respective report had discussed about few authors who
contributed very well for few changes in the country people by which an individual can take
proper decision for managing their companies’ growth to grab desired goals.
13

REFERENCES
Books and Journals
Ács, Z. J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement
issues and policy implications. Research Policy. 43(3). pp.476-494.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Choi, N. and Majumdar, S., 2014. Social entrepreneurship as an essentially contested concept:
Opening a new avenue for systematic future research. Journal of business venturing.
29(3). pp.363-376.
Chrisman, J. J. and et. al., 2012. Family involvement, family influence, and family‐centered non‐
economic goals in small firms. Entrepreneurship theory and practice. 36(2). pp.267-
293.
Decker, R. and et. al., 2014. The role of entrepreneurship in US job creation and economic
dynamism. Journal of Economic Perspectives. 28(3). pp.3-24.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3). pp.425-
453.
George, G. and Bock, A. J., 2011. The business model in practice and its implications for
entrepreneurship research. Entrepreneurship theory and practice. 35(1). pp.83-111.
Islam and et. al., 2011. Effect of entrepreneur and firm characteristics on the business success of
small and medium enterprises (SMEs) in Bangladesh. International Journal of Business
and Management. 6(3). p.289.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Kiss, A. N., Danis, W. M. and Cavusgil, S. T., 2012. International entrepreneurship research in
emerging economies: A critical review and research agenda. Journal of Business
Venturing. 27(2). pp.266-290.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
14